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Miracle Corporation reports the following amounts in its December 31, 20XF income statement: Sales $910,000 Advertising expense 885,000 Salaries expense S75,800 Net sales 137,700 income tax expense 48,500 Cost of goods sold 455,600 Sales returns 25,000 Utilities expense 6,200 Gain on sale of equipment 11,000 Average shares outstanding 25,000

Miracle Corporation reports the following amounts in its December 31, 20XF income statement: Sales $910,000 Advertising expense 885,000 Salaries expense S75,800 Net sales 137,700 income tax expense 48,500 Cost of goods sold 455,600 Sales returns 25,000 Utilities expense 6,200 Gain on sale of equipment 11,000 Average shares outstanding 25,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need questions 33,34
Use the following to answer questions 27 – 34 Miracle Corporation reports the following amounts in its December 31, 20XF income statement: Sales $910.000 Advertising expense $75.800 Net sales 885,000 Salaries expense 137,700 income tax expense 48,500 Cost of goods sold 455,600 Sales returns 25.000 Utilities expense 6,200 Gain on sale of equipment 11,000 Average shares outstanding 25,000 27. $ Determine gross profit: 28. $ Determine operating expenses: 29. $ Determine Income before income taxes (IBT): 30. $ Determine net income: 31. %. Calculate gross profit ratio (one decimal place) Calculate the profit margin (two %. decimal places) 32. 33. $ Calculate Earnings per Share (rounded to two decimal places) 34. $ If ending inventory consisted of $45,000 and beginning inventory was $36,000 how much inventory was purchased during the year?
Transcribed Image Text:Use the following to answer questions 27 – 34 Miracle Corporation reports the following amounts in its December 31, 20XF income statement: Sales $910.000 Advertising expense $75.800 Net sales 885,000 Salaries expense 137,700 income tax expense 48,500 Cost of goods sold 455,600 Sales returns 25.000 Utilities expense 6,200 Gain on sale of equipment 11,000 Average shares outstanding 25,000 27. $ Determine gross profit: 28. $ Determine operating expenses: 29. $ Determine Income before income taxes (IBT): 30. $ Determine net income: 31. %. Calculate gross profit ratio (one decimal place) Calculate the profit margin (two %. decimal places) 32. 33. $ Calculate Earnings per Share (rounded to two decimal places) 34. $ If ending inventory consisted of $45,000 and beginning inventory was $36,000 how much inventory was purchased during the year?
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